Snowden Lane Partners announced the launch of its Practice Continuation Plan, a retirement and monetization program now available to Snowden Lane’s advisors.
“This new and dynamic program, designed for eligible senior advisors, offers retiring advisors the opportunity to receive an upfront, lump-sum payment upon entering the five-year program, accompanied by a revenue-sharing model for retiring and successor advisors. Through this program, retiring advisors can achieve an overall value of up to 250% of their trailing 12-month revenue,” the firm stated in its release.
Additionally, the program helps advisors organize an orderly succession plan, providing upfront liquidity and a five-year revenue stream for those nearing retirement, along with an acceleration of the profit-sharing model that is key to Snowden Lane’s compensation system. Successor advisors will receive a share of the revenue, which will revert to 100% by the end of the program.
The plan also includes a benefit in the event of the death of the retiring advisor, offering added security to retiring advisors and their families, the company’s statement adds.
“We introduced this program earlier this year, after discussions with several of our advisors who are looking to complete their careers at Snowden Lane, monetize their practices, and ensure business continuity for their clients. The response has been enthusiastic, as the program’s structure achieves these goals,” said Rob Mooney, Managing Partner and CEO of Snowden Lane.
